Your Free Online Legal Dictionary • Featuring Black’s Law Dictionary, 2nd Ed.

Category: P

PAPER SIZES

Sizes specified by the American National Standards Institute. Used primarily in a number of Caribbean countries, Canada and US, their dimensions are as follows: (1) 25 x 38 inch (2) 23 x

PARAMETRIC ANALYSIS

An analysis taken to describe, analyze and examine the different relations amongst various parameters, for e.g. schedules and costs.

PAROL CONTRACT

A contract made solely on word of mouth. Or, a partially written contract; collateral contract or an express contract that is not based upon a deed.

PASCAL

Named after Blaise Pascal, Pascal is the metric unit used to measure the pressure of anything. It is defined as the newton force per meter (squared).

PASSPHRASE

Any sentence, or quote, etc. which can be remembered easil. It is used on a common basis as a replacement for a password.

PATH DEPENDENCY

The chance of any past practice being continued regardless of the fact that better options are present.

PAYING AGENT

A third party, or an entity such as a bank which makes a payment on the period interest and principal to the owners of the bond, paid on the behalf of the

PAYROLL TAX

The income tax or other deductions that are made by the employer on the employee’s gross salary.

PEEST

An abbreviation of Political, Economic, Environmental, Scientific or Technological Forces that might affect any organization.

PER DIEM BUSINESS INTERRUPTION

A policy for business interruption in which in case a business’ daily activities are interrupted, an insurance will cover a certain, specified amount until the business reopens.

PERCHLORATE

Salts which occur naturally and those which are made synthetically from perchloic acid. Various different types of perchlorates are available. Usually, they are all soluble in water.

PERIOD OF RESTORATION

The time it takes for a business tore store damages to property, or any asset. The period of restoration begins on the date the loss is recorded and is ended on the

PERISHABLE

Any item which has the ability to lose its value if it is not properly stored, or used up within a given period.

PERMANENT RECORD

A document which retains its legal, administrative and historical value without any timeframe.

PERSONAL ASSETS

Any articles that possess value, such as real estate, cash, and jewelry, etc.

PERSONAL USE PROPERTY

Any property that can be utilized for personal use. Examples include clothing, vehicles, furniture, etc.

PETER DRUCKER

A management consultant, as well as writer, who is known to have come up with the concept of management in the modern era, also known as the ‘Father of Modern Management’. He

PHENOLS

An organic compound, which is produced as a byproduct of the refinement of petroleum, dyeing of textiles, manufacturing of resins, etc. Phenol can be toxic if produced in a higher concentration.

PHOTOSYNTHESIS

A naturally induced process by which plants make their own food. The presence of oxygen and sunlight is very important for this process to take place. Photosynthesis is the reason for the

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